ISRAEL: Tefron Swings Into $3.1m Q2 Profit
Leading producer of seamless intimate apparel, Tefron Ltd, on Tuesday posted a second quarter net profit of $3.1 million compared to a year-ago loss of $2.6m and revealed a small rise in quarterly sales to $49.7m.
The Bnei Brak-based company, which produces underwear for famous brands such as Victoria's Secret, Gap, Banana Republic, Target, Nike and Adidas, said first half sales slipped to $89.9m from $91.4m and net income $3.7m versus a net loss of $7.8m.
Tefron CEO, Yos Shiran, said: "We are most pleased with our results for the quarter and first six months of the year. Even in a less than ideal market environment, we have been able to report improving financial results.
"Tefron's main focus for the foreseeable future will be on our sales and marketing efforts in order to increase our sales and expand our market share. We are committed to improving our customer service, penetrating new markets, gaining new customers, leveraging our existing relationships, and gaining market share with our new lines of active wear and bras."
He concluded: "Our increased marketing efforts are beginning to show positive results and we hope to see this trend continue."
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